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BT Pension Scheme Sells Majority Stake in Hermes to Federated Investors

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The BT Pension Scheme (BTPS) sold its majority 60% stake in Hermes Fund Managers for around £246 million to New York-based Federated Investors. The deal values Hermes at £410 million. Hermes will remain a London-based company.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

Alecta Anchors Emerging Markets Impact Fund

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Swedish occupational pension investor Alecta made an anchor commitment of €164 million (US$ 200 million) towards the NN-FMO Emerging Markets Loan Fund, pushing the impact fund past its minimum target by 25% to make its first close at US$ 250 million on Tuesday. Alecta was joined by three other key investors from Sweden and the Netherlands, including Stichting IMAS Foundation – the asset management arm of IKEA’s indirect owner, Stichting INGKA Foundation.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Is Abraaj Doomed as Some Institutional Investors Scatter?

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Founded in 2002 by Pakistani businessman Arif Naqvi, Dubai-based The Abraaj Group generated big waves onto the private equity scene by focusing on emerging markets and joining influential organizations such as the Emerging Market Private Equity Association (EMPEA) – they are a leadership circle member. In fact, many of their investors are EMPEA members such as a number of sovereign funds, the World Bank’s International Finance Corporation (IFC) and the Bill & Melinda Gates Foundation.

Abraaj was a fundraising machine, as the fund targeted areas such as sub-Saharan Africa and markets like Turkey. However in 2008, the private equity manager was mired in turmoil as a number of limited partners investigated the misuse of investor funds in a US$ 1 billion healthcare fund – Abraaj Growth Markets Health Fund. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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SWFI First Read, April 25, 2018

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Finnish Basic Income Trial Run Drops on its Face

The Finnish government decided to not expand its trial of paying people an unconditional basic income. The trial was started with 2,000 unemployed Finnish people, selected randomly, in January 2017. Under the trial, they received a flat monthly payment of €560 to serve as basic income.

Omar Anwar Names as Indonesian Country Head for Aberdeen Standard Investments

Omar Anwar was hired as Head of Indonesia by Aberdeen Standard Investments. He was also appointed as President of PT Aberdeen Asset Management, a unit of the company.

Charles Jewkes to Lead Global Financial Institutions at Aviva Investors

Aviva Investors named Charles Jewkes as head of global financial institutions. This is a new position and he will report to T.J. Voskamp, the Global Head of Wholesale Distribution at Aviva Investors. Before this appointment, Jewkes was Director of Global Financial Institutions at Fulcrum Asset Management.

Zimbabwe Seeks to Leverage Trade Receivables for Government Fund

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